Form 4: Kearny Financial Corp. Executive Acquires 2,000 Shares of Common Stock
SEC Form 4
Anthony V. Bilotta Jr., EVP and Chief Banking Officer of Kearny Financial Corp., purchased 2,000 shares of common stock at $5.8499 per share on March 18, 2024.
Summary
- On March 18, 2024, Anthony V. Bilotta Jr., the EVP and Chief Banking Officer of Kearny Financial Corp., acquired 2,000 shares of common stock at a price of $5.8499 per share.
- Following this transaction, Bilotta directly owns 79,761 shares of common stock.
- Bilotta also indirectly owns 6,631 shares through an ESOP, 256 shares through a BEP, and 115 shares through a 401(k).
- He also owns 100,000 stock options with an exercise price of $13.55, which were granted on September 15, 2019, and expire on September 15, 2028.
- The directly held shares include restricted stock units vesting annually, starting August 7, 2022, August 7, 2023 and August 7, 2024.
Sentiment
Score: 6
Explanation: The sentiment is neutral to slightly positive. The purchase of shares by an executive is generally viewed as a positive sign, but the document itself is simply a regulatory filing.
Positives
- The purchase of shares by a high-ranking executive could be interpreted as a sign of confidence in the company's future prospects.
Industry Context
Executive stock purchases are common in the financial industry and are often seen as a positive signal, indicating management's belief in the company's value and future performance.
Comparison to Industry Standards
- Executive stock ownership is a common practice in publicly traded companies, particularly in the financial sector.
- Comparing Bilotta's holdings to those of executives at similar-sized regional banks (e.g., those with assets between $5 billion and $15 billion) would provide a benchmark for assessing the significance of his ownership stake.
- For example, executives at companies like OceanFirst Financial Corp. or Provident Financial Services, Inc. often have similar compensation packages that include stock options and restricted stock units.
Stakeholder Impact
- The stock purchase could have a slightly positive impact on shareholder sentiment.
Key Dates
| Date | Description |
|---|---|
| 09/15/2019 | Grant date of stock options |
| 08/07/2022 | First vesting date of restricted stock units |
| 08/07/2023 | Second vesting date of restricted stock units |
| 08/07/2024 | Third vesting date of restricted stock units |
| 03/18/2024 | Date of common stock purchase |
| 09/15/2028 | Expiration date of stock options |
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